Karen Jones Consulting

Chalk Talk

10 Benefits of Building an Advisory Team

As an entrepreneur, you are forced to wear many hats to ensure your business operates the way you envisioned. Creating a product, marketing to the right audiences, maintaining your bookkeeping and building client relationships can be tough on one person. Each component of your business requires a specific skill set and not one person can be great at all. This is where you hire advisors to assist you in these operations so you can focus on what you want to do!

Business advisors can come in many forms, from accountants and marketing specialists to lawyers and industry experts. Building an advisory team can give your business the edge it needs to compete at a higher level.

Here are some of the benefits to building a team of advisors to assist in your business growth:

  1.  Thorough understanding of industry requirements and trends that can assist in identifying growth strategies.
  2. Extensive knowledge within a specific operation of your business. E.g. accountants will assist you through all bookkeeping responsibilities.
  3. Share knowledge and experience of a particular issue or challenge that you want to overcome.
  4. Someone to bounce ideas off that you may not be able to share with employees.
  5. Outsourcing aspects of your business may be more cost effective to hiring multiple staff.
  6. Development of additional product lines or services to enhance your business offerings.
  7. Identification of new target markets to increase revenue potential.
  8. Establish effective marketing tactics to reach current and new markets.
  9. Development of processes that will reduce your time spent on certain aspects of the business. E.g. social media scheduling
  10. Guidance in long-term planning, goal setting and actions required to achieve set goals.

It takes a village to raise a child and a team of advisors to raise a business. At KJCO we offer various products and services that can assist your business in reaching its full potential. Check out our website for more information on how we can help you!